Sensex, Nifty Recover From Day's Low to End Strong; JSW Steel and ICICI Bank Among Top Nifty Gainers

Thu, 22 Apr Closing

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Indian share markets recouped early losses during afternoon deals and ended today's volatile session higher.

Benchmark indices witnessed volatile trading activity today and bounced back from early losses to end in the green, helped by gains in metal and finance stocks.

At the closing bell, the BSE Sensex stood higher by 375 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 110 points (up 0.8%).

JSW Steel and ICICI Bank were among the top gainers today.

Titan Company and Shree Cements, on the other hand, were among the top losers today.

The SGX Nifty was trading at 14,413 up by 334 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.3% and 0.6%, respectively.

Sectoral indices ended on a mixed note with stocks in the metal sector and finance sector witnessing most of the buying interest.

Consumer durable stocks and FMCG stocks, on the other hand, witnessed selling pressure.

Shares of Navin Fluorine and Balrampur Chini hit their respective 52-week highs today.

Nestle India and Hero Motocorp were among the top buzzing stocks today.

Asian stock markets were trading on a positive note today following a rebound in global markets.

The Shanghai Composite ended lower by 0.2%, while the Hang Seng ended higher by 0.5%. The Nikkei ended higher by 2.4%.

US stock futures are trading on a flat note today with the Dow Jones Futures trading up by 8 points.

The rupee is trading at 74.95 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.3% today at Rs 48,100 per 10 grams.

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In new from the banking sector...

DCB Bank was among the top buzzing stocks today.

Private sector lender DCB Bank acquired a minority equity stake of approximately 9% in Techfino Capital Private Limited (TCPL)

TCPL is a Bengaluru based Non-Banking Financial Company (NBFC) which using its modern technology platform provides customised consumer loans in education and healthcare sectors. It is present in key metros and tier 2 cities across India.

Head of inclusive banking at DCB Bank, Narendranath Mishra said 'DCB Bank and TCPL are delighted to be associated in this manner. Micro loans or granular loans as a financial solution hold much promise. We value each other's experience and expertise to build a granular loan portfolio with patience and nuance. DCB Bank and Techfino complement each other's strengths and this is an opportunity for both companies to grow the customer franchise'.

According to Jayaprakash Patra, co-founder, Techfino Capital, the association with DCB Bank will help in the growth of the business.

Both the companies together aim to create a successful ecosystem, offering their customers a bouquet of customized financial solutions using TCPL's robust technology platform.

Note that he funds raised will be used in enhancement of current tech stack apart from on-lending to customers.

However, financial details of the transaction were not disclosed.

DCB Bank share price ended the day down by 0.3% on the BSE.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

Moving on to the news from the metal sector...

Tata Steel BSL (formally known as Bhushan Steel Limited) zooms 6% in today's intra-day session after reporting Q4 results

Tata Steel BSL, a subsidiary company of Tata Steel, reported a strong operational performance for the quarter ended March 2021 (Q4FY21).

The company's consolidated net profit more-than-doubled to Rs 19.1 billion in Q4FY21, against Rs 9.1 billion in December quarter (Q3FY21). Consolidated revenue from operations jumped 24% to Rs 73.2 billion from Rs 58.8 billion in the previous quarter.

On a sequential basis, earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 25% at Rs 2.6 billion. Increase in EBITDA was driven by higher-than-expected volumes and realisation.

Tata Steel BSL also achieved highest ever quarterly crude steel production of 1.2 million tons. In FY21, overall production was lower by 9% year-on-year (YoY) primarily due to disruption caused by Covid-19 pandemic.

Tata Steel holds around 72.7% shares of Tata Steel BSL through its wholly-owned subsidiary Bamnipal Steel. Tata Steel is among the leading companies of the conglomerate - Tata Group.

Tata Steel BSL share price ended the day up by 4.7% on the BSE.

We will keep you posted on updates from this space. Stay tuned.

Speaking of the current stock market scenario, note that smallcap stocks have been on a roll recently with the BSE Small-Cap index hitting a new high in intra-day deals last week on Thursday.

The BSE smallcap index had crashed to a multi-year low of 8.6k back in March 2020. Who would have thought that in less than a year, the index will come roaring back and go up a massive 133%?

Despite the Covid-related headwinds, Indian stock markets registered their best financial year performance in a decade in FY21. While the Sensex and Nifty surged 68% and 71% respectively, gains in mid-and small-caps have been sharper with both the indices rallying 91% and 115%, respectively.

While caution is indeed warranted, Richa Agrawal, Research Analyst at Equitymaster, thinks there is still a lot more steam left to this smallcap rally.

Despite rallying more than 130% since the March 2020 lows, Richa believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's what she wrote in a recent edition of Profit Hunter...

• The P/E for smallcap index doesn't make sense. There are thousands of listed small companies. Some have negative earnings. The base is not a valid data to work with.
  
  That said, the closest proxy to relative valuations is the Smallcap to Sensex ratio,
  
  Historically, this ratio has averaged 0.43x. In the previous mega runs of the smallcap index, this ratio has gone as high as 0.75x.
  
  In January 2018, when smallcaps peaked, the ratio was at 0.58x.
  
  Guess where this ratio is now after a 100% run up in the smallcap index?
  
  0.38.r
  
  It's lower than the median over 2 decades.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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